Deep Recession in the Housing Market; Buying and Selling at Lowest Levels

Iranian media report the continuation of a recession in the housing market, with concerns from builders about its persistence. The capital's buying and selling statistics have dropped to only 3,000 transactions in a month. The newspaper 'Donya-e-Eqtesad' examined the volume of housing transactions in Tehran, stating that the current volume has decreased by over 70% compared to the first half of the 2010s, before the price surge began. Accordingly, the average monthly transactions have fallen from 12,000 to 13,000 to about 3,000 housing units. Evidence suggests that the heavy recession in the housing market will continue. The website 'Tejarat News' reported on December 9, emphasizing that the recession has led to stabilization and a relative decrease in prices, which the government considers one of its 'achievements,' showing no complaints about its current performance. One of the main reasons for the decline in housing transactions in Tehran is the unprecedented price increase, which has risen to over 80 million tomans per square meter in the capital. The decrease in people's purchasing power is the most significant factor preventing applicants from acquiring housing. In this regard, a report from the Research Center of the Parliament stated that by the beginning of the 2010s, the first to third income deciles were effectively deprived of access to suitable housing due to their inability to pay bank installments; currently, these three deciles are 'absolutely' unable, and the fourth and fifth deciles, and even part of the sixth decile, are 'relatively' unable to secure the housing they need for residence. The ongoing price increases in Iran have led families to spend more than last year, facing livelihood problems or professional violations; the trend of hourly house rentals is rising. The government's clampdown to control housing prices continues, with 1,200 real estate units in Mashhad being sealed. Housing prices have increased by 54% compared to last year and decreased by 2% from the previous month; experts say this is 'temporary.' The recession in housing transactions has forced real estate agents to become internet taxi drivers.